Latest News

: XPeng stock just misses a record selloff, snaps 5-day win streak

0

The U.S.-listed shares of XPeng Inc. plunged Friday to snap a five-day win streak, as price cuts by Tesla Inc. in China soured sentiment toward China-based electric vehicle makers.

The stock
XPEV,
-15.04%

was down as much as 17.2% at its intraday low of $9.85, before recovering slightly to close down 15.04% at $10.11. It just missed breaking its record one-day drop of 15.08% set on March 24, 2021.

The selloff followed Tesla’s
TSLA,
+2.47%

disclosure that it had cut prices for its Model 3 and Model Y vehicles in China by more than 10%, the second price cut in three months. It also bucked the rally in the broader stock market, as the S&P 500
SPX,
+2.28%

surged 2.3%.

XPeng shares, which went public in August 2019, were still up 1.7% to start the year, after soaring 19.7% over the past three days and running up 26.7% amid a five-day win streak.

The stock’s rally this week followed the company’s report earlier in the week showing that December and fourth-quarter deliveries fell sharply from a year ago, even though Nio Inc.
NIO,
-4.51%

and Li Auto Inc.
LI,
-9.16%

reported big year-over-year increases.

Tesla’s stock swung to a gain of 2.5% to close at $113.06, reversing an earlier intraday loss of as much as 7.7%.

Meanwhile, Tesla’s price cuts sent Nio’s stock sinking as much as 12.5% intraday Friday before it pared some losses to close down 4.5% at $10.37. After climbing 12.8% the past two days, the stock was still up 6.4% this week, after plummeting 69.2% in 2022.

Li Auto’s stock dropped 9.2% but was down as much as 14% earlier. The stock has gone up 25% amid a five-day win streak through Thursday.

Market Extra: The Dow takes ‘important first step’ toward a new bull market

Previous article

: Imported baby formula is about to get expensive again, with tariffs back in place

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News